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Bitcoin's muted price action is masking a buildup of downside risk in derivatives markets.
Implied volatility in Bitcoin options remains high despite subdued actual price swings.
KEY POINTS
- A negative gamma environment below $68,000 could force market makers to sell more Bitcoin as prices fall.
- Recent $247 million in long liquidations may not have fully reset market positioning.
- Corporate treasury demand for Bitcoin has narrowed, with some firms reducing or selling holdings.
- A large concentration of supply above $74,000 is capping Bitcoin's upside potential.
COMPANIES
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